New found
The crypto exchange hyped by Frank Thelen is over – that’s how it came about
The Berlin fintech should trade revolutionize with company shares, investors like Frank Thelen invested a lot of money. After problems, Neufund has now given up.
Frank Thelen publicly advertised more for the blockchain platform Neufund.Ben Fox
The well-known investor Frank Thelen has to write off a multi-million investment. As the Berlin Fintech Neufund announced on its blog , the service has been permanently discontinued. “This step was particularly difficult for us because our model worked on its own,” it says. Founded in 2016 by Zoe Adamovicz and Marcin Rudolf, Neufund aimed to engage small investors in startups through its blockchain platform. An idea that Frank Thelen once described in talks with the media as “brutally great future” had attested.
The investor invested in Neufund early on through his investment company Freigeist Capital. Together with other financiers, around 15 million euros flowed into the company over the years. According to Thelen himself, he invested an amount in 2017 that his company “
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Neufund is only cryptic about the exact reasons for the closure in its message. There have been no compliance issues, technical failures or security vulnerabilities. Neufund simply “raised capital for companies through the issuance of securities using decentralized technology,” it says. According to the fintech, more than 1,000 small investors have participated in financing projects – for example for an e-bike start-up – since it was founded. Altogether around 20 million euros in investments are said to have been processed via Neufund. “Exactly how we imagined it. Nevertheless, we have to close,” the company continues.
Problems with Bafin, unsuccessful projects
A surprisingly harmless interpretation of the problems of the past few years. After the funding in 2017, it was to take almost two more years before the first startup could be financed via the blockchain platform. Previously, new projects were regularly advertised, but they disappeared from the website after a short time. When the first money flowed for the Croatian e-bike company Greyp in autumn 2019, the financial supervisory authority (Bafin) quickly intervened.
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According to the industry portal Financefwd, contrary to the regulations, the company had not published a securities prospectus. As a result, Greyp had to exclude German investors from the offer. A bitter defeat for Neufund: The project was actually supposed to demonstrate the advantages of the platform – and thus attract more investors. In fact, three other planned projects were not subsequently implemented.
In an interview with the Frankfurter Allgemeine Sunday newspaper in summer 2020, Neufund founder Zoe Adamovics then also took over the financial supervision of the unsuccessful operation responsible for their platform. The authority acts so restrictively “that soon nothing will be allowed and nobody will do anything”. Nevertheless, Neufund collected money again in December 2020 – from Frank Thelen, among others. The fintech vaguely announced a “reboot.” Nothing came of it, as the new blog post now shows.
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